Core Insights - The performance of Da Cheng Fund's equity investment capabilities has declined in recent years, particularly in 2025, where its absolute return rate dropped significantly compared to previous years [1][3][10] Performance Overview - Da Cheng Fund achieved a 7.79% absolute return from 2023 to 2024, ranking first among 24 mid-to-large equity fund companies [1][3] - In 2025, the absolute return rate fell to 22.10%, placing it second to last in the same peer group [1][3] - The fund's flagship product, Da Cheng Gao Xin Stock A, has seen a cumulative return of 416.31% since its inception in 2015, but has recently underperformed against the market [3][4] Fund Management Strategy - The cautious investment strategies of star fund managers, such as Han Chuang, have contributed to the underperformance during the current bull market [1][6] - Han Chuang's funds have a high concentration in resource stocks and large-cap stocks, leading to a lack of diversification [7][8] - New fund launches, like Da Cheng Xing Yuan Qi Hang, have also reflected a conservative approach, with a low stock allocation of only 0.73% [8] Market Position and Challenges - Da Cheng Fund's overall market position has weakened, with its stock fund ranking dropping to 11th and mixed fund ranking to 16th [10][11] - The fund has failed to capitalize on the booming money market over the past eight years, resulting in a significant decline in its money fund scale [10][11] - The fund's late entry into the ETF market has hindered its ability to capture market opportunities, with significant gaps in product scale compared to leading competitors [11][12]

Market Overview - The market has recently experienced a surge in activity, with the Shanghai Composite Index surpassing 3,800 points, particularly driven by the strong performance of the technology sector, especially in semiconductor ETFs, which saw gains exceeding 15% [1] - Notable stocks like Cambricon Technologies have seen their prices double within a month, with significant price increases including a 20% limit-up on two occasions [1] Fund Manager Performance - Some fund managers have faced criticism from investors due to underperformance in the short term, despite having strong long-term track records. For instance, the fund managed by Jia Chengdong saw a net value decline of over 8% since its inception on June 3 [1] - Xu Yan's fund has remained nearly fully in cash since its launch on March 11, leading to investor dissatisfaction due to lack of growth [1] Investment Philosophy - Established fund managers possess their own investment frameworks, but they may struggle during market fluctuations. Adhering to their investment philosophies can result in short-term underperformance [2] - Xu Yan exemplifies a value investment approach, prioritizing long-term value over short-term gains, even at the risk of missing out on opportunities [2] Investor Behavior - Investors often experience a disconnect between their initial long-term investment goals and the desire for immediate returns, especially when observing peers achieving higher short-term gains [3] - Historical data suggests that funds focused on short-term performance rankings typically fail to deliver consistent returns over time. Successful funds are those that provide stable returns across complete market cycles [3] Selection Criteria for Funds - Investors should prioritize understanding the investment philosophy of fund managers, the research capabilities of the fund company, and the alignment of the product with their risk tolerance, rather than merely chasing short-term performance [3] - Patience and rationality are emphasized as key virtues in investing, with long-term investors often reaping better rewards [3]

Core Viewpoint - The public fund industry in the A-share market is experiencing a dual celebration of performance and scale in 2025, but a well-known value investor faces criticism for maintaining a near "cash position" in his fund [2][6]. Fund Performance and Investor Sentiment - As of August 21, the net value of the Dachen Xingyuan Qihang Mixed Fund managed by Xu Yan is below 1, with the latest values at 0.9995 (Class A) and 0.9968 (Class C) [2]. - The fund's scale has decreased from 757 million yuan to 627 million yuan by the end of June, reflecting investor dissatisfaction [3]. - Investors express frustration over missed opportunities in the current bull market, with some considering switching funds due to the lack of action [3][6]. Investment Strategy and Challenges - Xu Yan attributes the fund's underperformance to a lack of significant positive returns during its operation, which has led to investor confidence issues and active redemptions [6]. - He emphasizes the difference between new and existing funds, stating that the Dachen fund is starting from zero, unlike his other funds that have established gains [6]. - Xu Yan's value investment philosophy leads him to avoid buying stocks that do not meet his undervaluation criteria, which he sees as a challenge in the current market environment [9][10]. Upcoming Decisions and Market Focus - The deadline for the fund's investment period is approaching on September 11, requiring Xu Yan to adjust asset allocations according to the fund's contract [7]. - The upcoming month will be critical as Xu Yan navigates between his investment principles and regulatory requirements, drawing significant market attention [7][11]. Value Investment Perspective - Xu Yan's approach is characterized by a commitment to risk control and preserving capital, which he believes is essential in a volatile market [10]. - His decision to remain in cash, while criticized, is seen as a responsible choice to avoid potential losses, aligning with the long-term goals of value investing [10][11].

Core Viewpoint - The article highlights the struggles of Xu Yan, a prominent fund manager at Dacheng Fund, whose recent performance has drawn criticism from investors due to a lack of significant returns and a high cash allocation in his fund [2][11][15]. Fund Performance - Xu Yan manages the Dacheng Xingyuan Qihang Mixed Fund, which has a current net value of 0.9995, indicating it is barely above break-even after six months since its establishment on March 11, 2025 [2][10]. - The fund's initial fundraising was 757 million, but it has since shrunk to 627 million, reflecting a 17% decrease in size primarily due to investor redemptions rather than direct losses [2][10]. - Investors have expressed dissatisfaction, with comments indicating frustration over missed opportunities in a rising market, as the fund has not made significant moves to invest [2][3][15]. Investment Strategy - Xu Yan has not initiated large-scale investments, stating that the fund is still in the accumulation phase and has maintained 84% of its assets in cash, with only 0.72% allocated to equities [11][14]. - The rationale behind this strategy is attributed to the current market conditions, where many stocks are perceived as overvalued, making it challenging to find undervalued opportunities [11][15]. - Xu Yan's cautious approach contrasts sharply with the broader market, which has seen significant gains, leading to perceptions of him as missing out on the bull market [15][16]. Historical Context - Prior to the recent downturn, Xu Yan was recognized for his strong performance, achieving an annualized return of 12.66% and positive returns over three years [6][8]. - His management of other funds has yielded returns of around 20% for those launched in 2023 or 2024, but his current fund's performance has lagged behind peers that have seen returns of 30% in the same period [8][9]. Investor Sentiment - Investor sentiment has turned negative, with many expressing doubts about Xu Yan's decision-making and the fund's lack of action in a favorable market environment [3][4][15]. - Comments from investors reflect a desire for more proactive management, questioning why the fund has not begun to build positions despite the favorable market conditions [3][4][15].